When you are claiming insurance, you might be surprised to find out that you must pay a certain amount of money first before the insurer gets to work. That money you pay is called “excess,” and is the money that the insured, which is you, must pay for any claim you make.  

While most policies offer a fixed excess, some offer you the chance to choose how much you want to pay. To add to that, different types of claims all have varying amounts of excess.

In this article, we’ll talk about four different claims and how excess varies: 

1. Subsidence

Subsidence relates to the foundations of the home. More specifically, some foundations shift over time, causing the house to sink slowly into the ground and even damage the home’s integrity. The damage caused by such an event is hard to fix, not to mention expensive. 

While subsidence isn’t a common problem homeowners face, it still does happen. With that said, insurers usually put an extremely high excess on this kind of claim, hovering around the £1,000 mark.

2. Accidental Damage

Many policies cover damage caused by you and any of your family members. As an option, you can also add any other names you want to be covered by the policy, and that includes your pet. Other better policies might consist of all three options as a standard. 

However, all accidental damage claims will have an excess that is much higher than a standard claim you might make. For example, if a standard claim costs you around £50, you might end up paying £150 for an accidental damage claim. As you can see, you can end up paying upwards of £100 extra compared to a standard claim. 

3. Escape of Water

Escape of water claims include any damage caused by water or water leakages. It might be from a clogged pipe that flows back into the toilet, or a burst pipe that damaged the walls of your home. Either way, this kind of damage can cost you up to £300 more than a standard claim.

4. Flooding

While not many homes might experience flooding, it is still a problem for many out there. For example, a home might be in a place that is prone to flooding, meaning that it is more likely to experience flooding repeatedly.  

The excess for flooding claims will depend on the likelihood of that home flooding and how many times that claim was made. The first few claims might cost anywhere around £700. However, multiple claims, later on, can cost you thousands of pounds in excess each.

Excess varies greatly depending on the claims you might make. Some excess can be as little as £50, while others can reach well over £1,000. To ensure that you are not caught off guard by these costs, always make sure to read the fine prints of your insurance policy carefully. Often, they will state the excess you will have to pay for specific claims.

If you’re looking for lifestyle excess insurance, get in touch with us today today to see how we can help.